PFM Reform Strategy Validated

Stakeholders within the Public Financial Management Sector at the weekend validated the new Public Financial Management Reform Strategy and Action which will cover the public sector from 2017-2020.

The validation of the action plan followed two days of scrutiny by stakeholders through a conference organized by the Ministry of Finance and Development Planning.

The validation considered a review of the structure, content, relevance and sequencing of the strategy which will enhance government service delivery responsiveness, as well as, promoting transparency and accountability in managing public finances over the next four years.

MFDP Deputy Minister for Budget Tanneh G. Brunson who proxied Minister Boima Kamara said significant improvements have been made by government in improving budget credibility and comprehensiveness through the strengthening of institutional capacities.

Dep. Minister Brunson explained that progress has been made also in strengthening domestic resource mobilization and ensuring that institutions are equipped with the technical know-how for preparing medium-term revenue and expenditure estimates.

Despite the strides, she named some challenges the government is facing including narrow tax base due to the huge informal sector; lack of transparency which will inhibit citizen’s willingness to comply with tax laws; illicit flows, tax haven and transfer prices among others.

For his part, Emmanuel Togba, Coordinator of the PFM Reforms Coordination Unit said the new strategy is intended to sustain the gains already made in Public Financial Management, improve on building credible institutions and modernize existing systems, processes and practices.

Mr. Togba indicated that the strategy is inter-linked to government development that embodies the AfT.

He said by the year 2020, government would have built a PFM sector which will be reliable, accountable and transparent.

In 2006, the Government of Liberia initiated reform within the public financial sector. The reform seeks to improve budget coverage, fiscal policy management, financial control, and oversight of government finances in Liberia.

PFM Reform Strategy Validated

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